On Thursday, MCX Copper turned bullish for a short time frame only to turn bearish on an alternate basis; switching between gains and losses; playing a zero-sum game; keeping investors guessing, however you would like to describe it.
Copper prices at MCX were trading with a positive rally around 418-422 levels, and then around 412-426 levels for the week.
The triangular pattern was broken at 373 levels. Since then, the commodity tried to form a rising wedge pattern. This pattern gave a bullish rally for Copper towards 420 levels.
On charts, copper showed a mixed picture. The MACD was quite positive and P-ROC (Rate of Change) was at positive territory. RSI was in sideways, and stochastic was at medium levels.
The overall trend remains positive for MCX Copper.
MCX Copper June Medium Term: Bullish
Support: 411, 405
Resistance: 425, 430
Turn around levels: 422- 428- 430